True Nature of Bitcoiners: The First Peer-Reviewed Study

Insights from the first peer-reviewed personality study of Bitcoiners reveal surprising traits that challenge common misconceptions.

A Global Mosaic of Talent, Innovation & Resistance

In the 15 years since Bitcoin's inception, the journey from skepticism to acceptance has been nothing short of remarkable. What started as an obscure project by a pseudonymous creator has now become a global phenomenon, capturing the interest of technologists, economists, and everyday people alike.

As Bitcoin continues to grow and evolve, so too does the understanding of those who champion this revolutionary technology. The first peer-reviewed study on the personality and motivational characteristics of Bitcoiners sheds light on the positive traits of those who have embraced Bitcoin, challenging many of the misconceptions and stigmas that have surrounded the community. This study marks a significant milestone, highlighting how far Bitcoin has come and providing valuable insights into the people driving its adoption.

No longer seen merely as fringe technologists or speculative investors, Bitcoiners are now recognized for their forward-thinking mindset and commitment to financial autonomy. This study not only underscores the positive attributes associated with being a Bitcoiner, but also suggests that becoming a Bitcoiner can be a path to personal growth, financial literacy, and advocacy for a more decentralized financial system.

As we take a look into the findings of this study, it becomes clear that the stigma once attached to Bitcoin is fading, giving way to a more nuanced and positive understanding of what it means to be a Bitcoiner today.

The Study Overview

Conducted by a team of distinguished researchers, this study explores the complex motivations and characteristics of Bitcoiners. The study reveals that Bitcoiners are not just tech-savvy but also exhibit traits that are highly desirable in any forward-thinking individual.

Contributors

The study titled "The Personality and Motivational Characteristics of Bitcoiners" was conducted by Stefano Di Domenico, Jasper Duineveld, Emma L. Bradshaw, Richard M. Ryan, and Ben Steward. The study was registered on September 9, 2023, and is associated with the project hosted on the Open Science Framework (OSF). This team brings a wealth of expertise from a variety of fields, ensuring a comprehensive analysis of the data.

Funding and Support

The study was conducted in collaboration with an industry partner specializing in a platform for buying and selling crypto-assets. This partner provided access to their customer base and compensated participants with $20.00 CAD each. The involvement of this industry partner underscores the practical relevance and applied nature of the research.

Study Design and Objectives

The study is observational and involved administering a battery of online questionnaires to participants. Its aim was to explore the personality and motivational characteristics of people who adopt Bitcoin.

The hypotheses cover a broad spectrum of topics, including Bitcoin beliefs and attitudes, financial knowledge, personal finance constructs, Big Five personality traits, life aspirations, psychological wellness, and the Dark Tetrad traits (Machiavellianism, Narcissism, Psychopathy, and Sadism).

Main Hypotheses and Findings

The study’s hypotheses addressed various aspects of Bitcoiners’ traits and behaviours, offering a comprehensive look into the personality and motivations behind those who adopt Bitcoin.

1. Bitcoin Beliefs and Attitudes: The researchers identified five principal components that capture the core beliefs and attitudes of Bitcoiners:

   • Mining and Energy: Reflects the understanding and opinions regarding the environmental and economic impacts of Bitcoin mining.

   • Anti-Authoritarianism: Highlights the preference for decentralized systems and a distrust of centralized authorities.

   • Economic Theory: Encompasses beliefs about Bitcoin's role in economic systems and its potential to disrupt traditional financial models.

   • Accumulation and Self-Custody: Focuses on the importance of personal control over one's assets and the practice of long-term holding.

   • Long-Term Thesis: Represents the belief in Bitcoin's future value and its potential to transform financial systems over the long term.

2. Positive Correlations Among Bitcoin-Related Variables: The study found positive correlations among several Bitcoin-related behaviors and attitudes:

   • Ownership of Bitcoin

   • Duration of holding

   • Exclusive purchase and long-term holding of Bitcoin

   • Self-identification as a "Bitcoin maximalist"

   • Greater allocation of Bitcoin in savings/investment portfolio

   • Securing Bitcoin in cold storage or intending to do so

   • Running a Bitcoin node or intending to do so

   • Time dedicated to learning about Bitcoin

   • Time since initially learning about Bitcoin

   • Reading books about Bitcoin

   • Bitcoin knowledge

   • Bitcoin beliefs and attitudes

3. Bitcoin Knowledge and Financial Knowledge: The study demonstrated a positive association between Bitcoin knowledge and financial knowledge:

   • Individuals with greater Bitcoin knowledge also tend to have higher financial literacy.

   • Those who solely own Bitcoin perform better on financial assessments compared to those who own multiple types of crypto assets.

4. Personal Finance Constructs: Bitcoin knowledge is positively associated with several aspects of personal finance:

   • Financial wellness, including planning, borrowing, saving, and spending behaviours.

   • Financial self-efficacy and confidence in managing personal finances.

   • Subjective financial knowledge and overall financial satisfaction.

   • Risk tolerance and a future-oriented financial perspective.

5. Big Five Personality Traits: The study revealed that Bitcoiners exhibit certain desirable personality traits:

   • Positive associations with Openness, Intellect, Industriousness, Orderliness, Assertiveness, and Compassion.

   • Negative associations with Politeness, Withdrawal, and Volatility suggest that Bitcoiners are less likely to exhibit passive or unstable behaviours.

6. Life Aspirations: Bitcoin knowledge correlates with higher aspirations in several life domains:

   • Personal growth, community involvement, meaningful relationships, and health.

   • Weaker associations with extrinsic aspirations such as wealth, image, and fame, indicating a more intrinsic motivation among Bitcoiners.

7. Psychological Wellness: The study found positive associations between Bitcoin knowledge and psychological wellness:

   • Greater satisfaction of basic psychological needs, vitality, and overall life satisfaction.

   • Lower levels of need frustration and psychological depletion.

8. Dark Tetrad Traits: Contrary to some stereotypes, Bitcoiners score lower on the Dark Tetrad traits:

   • Negative associations with Machiavellianism, Narcissism, Psychopathy, and Sadism.

   • Those who solely own Bitcoin exhibit lower scores on these traits compared to those who own multiple types of crypto assets.

9. Bitcoin Portfolio Allocations: Financial knowledge and risk tolerance are positively associated with Bitcoin portfolio allocations:

   • Individuals with higher financial knowledge and greater risk tolerance tend to allocate a larger portion of their portfolio to Bitcoin.

   • Bitcoin knowledge and future time perspective also positively influence Bitcoin allocations, suggesting a strategic and informed approach to investment and savings.

What does this mean?

This study presents a groundbreaking analysis of Bitcoiners, revealing a community characterized by positive personality traits, a strong financial acumen, and a deep commitment to personal growth and community involvement. These findings challenge the outdated stereotypes of Bitcoiners, presenting them instead as forward-thinking people who embody qualities desirable in any forward-looking, educated society.

The identification of core Bitcoin beliefs and attitudes, such as Anti-Authoritarianism and Economic Theory, highlights a philosophical alignment with decentralization and financial innovation. These traits not only define the mindset of Bitcoiners but also underscore the broader potential of Bitcoin as a tool for financial autonomy and systemic change.

Furthermore, the positive correlations among Bitcoin-related behaviours reflect a consistent and dedicated engagement with Bitcoin, from long-term holding to active learning and node operation. This engagement correlates with higher financial literacy and better financial practices, illustrating how involvement with Bitcoin can lead to enhanced financial wellness and self-efficacy.

The study also uncovers significant associations between Bitcoin knowledge and desirable personality traits, such as Openness and Industriousness, while negatively correlating with less favourable traits like Withdrawal and Volatility. This profile paints a picture of Bitcoiners as intellectually curious and resilient people committed to personal and community development.

In terms of life aspirations and psychological wellness, Bitcoiners prioritize personal growth, meaningful relationships, and community involvement, aligning with the intrinsic motivations that drive many to adopt and advocate for Bitcoin. The lower scores on Dark Tetrad traits further dispel myths of Bitcoiners as driven by self-interest and manipulative tendencies, highlighting instead a community grounded in ethical and compassionate values.

Lastly, the strategic approach to Bitcoin portfolio allocations, informed by financial knowledge and a future-oriented perspective, showcases the sophisticated understanding Bitcoiners have of both the currency and broader financial systems. This strategic approach not only benefits individual Bitcoin savers but also supports the argument for Bitcoin's role in promoting financial autonomy and challenging traditional monetary systems.

Implications for Interest Groups and Governments

The study's findings have profound implications for various stakeholders, particularly in the context of Bitcoin as a tool for human rights activism and financial autonomy. By understanding the psychological and motivational profiles of Bitcoin users, stakeholders can better navigate the landscape shaped by this revolutionary technology.

1. Regulatory Bodies and Governments

   • Insights from the study highlight the resilience and intellectual sophistication of Bitcoin users, posing a significant challenge to authoritarian regimes and statist financial controls.

   • Understanding the motivations behind Bitcoin adoption can help governments create policies that balance security concerns with the rights to financial autonomy and privacy.

   • These insights can guide governments in crafting regulations that do not stifle innovation while recognizing the growing demand for decentralized financial systems.

2. Human Rights and Justice Activists

   • The correlation between Bitcoin knowledge and personal growth underscores its potential as a tool for empowering people, particularly in regions with oppressive regimes.

   • Bitcoin offers a means of financial sovereignty, enabling activists and marginalized communities to circumvent traditional financial barriers and state surveillance.

   • Advocacy for Bitcoin can be framed around its ability to protect financial privacy, support democratic ideals, and provide a hedge against authoritarian control.

3. Academic and Research Communities

   • The study enriches the discourse on the psychological and behavioural aspects of cryptocurrency adoption, contributing to a deeper understanding of decentralized systems.

   • Researchers can explore the socio-political implications of Bitcoin, examining how it challenges traditional power structures and promotes human rights.

   • The findings encourage further studies on Bitcoin's role in fostering financial inclusion and its impact on global economic and political dynamics.

4. Bitcoin and Cryptocurrency Advocates

   • The empirical evidence presented in the study helps dismantle misconceptions about Bitcoin users, highlighting their intellectual capabilities and ethical motivations.

   • Advocacy efforts can leverage these findings to promote Bitcoin as a tool for financial liberation and resistance against authoritarianism.

   • The study provides a strong foundation for educational campaigns that emphasize Bitcoin's potential to transform societal power structures and enhance individual freedoms.

5. Financial Institutions and Investment Firms

   • The positive correlation between Bitcoin knowledge and financial wellness suggests opportunities for financial institutions to create tailored products and services.

   • Investment firms can develop targeted advisory services and educational resources to help clients navigate the complexities of cryptocurrency investment.

   • Financial products designed to leverage the traits and preferences of Bitcoiners can enhance client engagement and satisfaction.

This study offers valuable insights into the characteristics of Bitcoin users, reinforcing the narrative of Bitcoin as a disruptive force against authoritarianism and a beacon of financial autonomy. The collaboration with an industry partner and the compensation for participants highlight the practical relevance of this research, bridging the gap between theoretical analysis and real-world activism.

Final Thoughts

The findings of this groundbreaking study make it clear that Bitcoin represents more than just a financial innovation. It embodies a shift towards financial autonomy and empowerment.

Here’s how you can contribute to this movement:

• Study Bitcoin: Take the initiative to educate yourself about Bitcoin. Explore its principles, understand its potential impacts, and stay informed about the latest developments. Knowledge is power, and in the world of Bitcoin, it is the key to unlocking its full potential.

• Participate in Discussions: Engage actively in discussions about Bitcoin and its societal implications. Whether through social media, forums, or local meetups, sharing knowledge and perspectives helps demystify Bitcoin and fosters a more informed citizenry against creeping authoritarianism.

• Advocate for the Separation of Money and State: Support the idea of financial systems that operate independently of government control, making money a neutral good for humanity. By advocating for decentralization, you contribute to the creation of a more equal and autonomous financial landscape.

The perception of Bitcoin and its community is undergoing a positive transformation. This study highlights the intellectual and ethical qualities of Bitcoiners, dispelling outdated stereotypes and emphasizing their role as forward-thinking people dedicated to financial autonomy and the betterment of society.

Continuing to educate and advocate for Bitcoin is crucial. By spreading knowledge and promoting informed discussions, we can further enhance the understanding and acceptance of Bitcoin. Embrace this opportunity to be part of a movement that aligns with progressive, humanist values and strives for a decentralized and fair financial future.

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